SWAP COMPETITION

MetalSwap

Published in

MetalSwap

4 min readJul 19, 2023

OPTIMISM MANIA BEGINS

The Swap Competition Returns: Now on Optimism’s Layer2!

— Originally written on MetalSwap’s Official Blog

We are thrilled to announce that the much-anticipated Swap Competition is back! This time, we’re taking the competition to new heights by hosting it for the first time on Optimism’s Layer2 Hedging Swap tool. So, let’s call it “Optimism Mania”!

As you may already know, MetalSwap’s dApp has recently been deployed on Optimism’s Layer-2, opening up a new world of opportunities for its users. With significantly lower transaction fees, faster transaction times, and less Premiums charged to open new Hedging Swap positions, it’s an exciting time to be part of the MetalSwap community.

Join the Competition

The “Optimism Mania” competition starts today, July 1st, and lasts for the entire month, until the 31st, 23:59 GMT.
Everyone who closes an active swap position during the month of July is automatically entered into the competition. You can also make any number of swaps with the same address — they will be diligently summed as explained below.

A New Era of Swap Competitions

The rules of the game remain the same, and the landscape is wider. We’re looking for 25 winners, with profits calculated just like our previous competitions: we’re taking the sum of the Profit Percentages made by that public address. However, this time, the assets available on Optimism’s Hedging Swap page are ETH, WBTC, and the newest Asset OP token, with USDC as stablecoin.

Remember, we’re now operating on Optimism’s Layer-2 (don’t forget to select it on your wallet and on MetalSwap’s dApp), which means we’re paying a lot less in transaction fees and platform’s Premiums. This is a significant advantage that allows everybody to get their hands dirty with the tool also with smaller amounts than ever before.

Leverage the Landscape of Gainable Profits

As part of our ongoing OP Grant Distribution, users are not only competing for the highest position on the Swap Competition’s TOP 25. They’re also automatically receiving OP tokens as Liquidity Reward. This is a fantastic opportunity to leverage the landscape of gainable profits. For more information about the Hedging Swap’s OP token distribution, please refer to our previous post.

Prizes and Rewards — Top 25

This time we’ve got a fantastic prize pool lined up for our top 25 competitors. Here’s what you could win in USDC distributed over Optimism’s Layer-2 chain:

1st Place: GoldenKing of the Swappers will receive 200 USDC

2nd Place: “SilverKnight of the Swappers” will receive 150.00 USDC

3rd Place: “BronzeSpade of the Swappers” will receive 125.00 USDC

4th and 5th Place: 65.00 USDC

6th-10th Place: 50.00 USDC

11th-19th Place: 25.00 USDC

20th-25th Place: 20.00 USDC

But that’s not all: the Best Single Swap of the entire competition, will receive an additional Reward of $150.00 !

The references of the calculations remains the same from last time, let’s repeat ‘em:

⚡Technical details

This formula is calculated over real data (18 decimal numbers!) and the TOP25 is composed from those complete numbers running over OP Layer2 blockchain.

The formula used to calculate the percentage of the Swaps is:

R1/C1 + R2/C2 + R3/C3 + ….. = Gain%

Where:

R1, R2,… = Swap Result. It could be positive (Profit) or negative (Loss) depending on the success or unsuccess of the operation made.

C1, C2,… = Cover used for the Swap.

Cover
it’s a data point on the smart contracts, to normalise the value in dollars, the direction of the swap must be considered:
● if the swap is Asset -> USDC
the Cover must be multiplied by the “Expiry Price” of the asset involved in the swap (i.e. the price of the asset at the time of opening of the swap)
● if the swap is USDC -> Asset
the Cover is already expressed in dollars and the value is therefore already normalised

All the Results are normalized in USDC, for example when the Profit value is recognised in Assets or when the Cover is returned to you.

With the ongoing OP Grant Distribution together with the Swap Competition, there’s never been a better time to try out MetalSwap’s tool and manage digital asset’s volatility. We’re excited to see what you can achieve!

So, what are you waiting for? Join the Swap Competition now and let the games begin!

What a time to be in DeFi!

To the MetalSwap

… and beyond!

The DeFi Foundation

✎ What is MetalSwap?

MetalSwap is a decentralized platform that allows hedging swaps on financial markets with the aim of providing a coverage to those who work with commodities and an investment opportunity for those who contribute to increase the shared liquidity of the project. Allowing the protection for an increasing number of operators.

With MetalSwap we enable hedge swap transactions through the use of Smart Contracts, AMM style.

⚠️Warning⚠️

❗ METALSWAP ‘s admins or moderators will NEVER contact you directly on any social under any kind of circumstances.

❗ Everything concerning $XMT ‘s smart contracts and addresses is shared by our official channels (list below), do not trust any different info from any different source.

Goerli Demo Info box

https://demo.metalswap.finance/

USDT Demo:
0xD885375bF67fAB66e7d422a1Dad71f39527A818E
WBTC Demo:
0xf4027D47753cF54aB51315d1d0cBDF7183d7f8F0
XMT Demo:
0x5e789DB07183A902571bD7738D2D0E50297697C8
WPAXG Demo:
0xD1a700e84334992d698CBaD0Cc38e85934eF706C
PAXG Demo:
0x38deeE79b80e08f51B98f2228Ff8Cd7040d48458

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